CBS.MarketWatch.com

NEW YORK (CBS.MW) -- Shares of Yahoo fell in pre-market trading Thursday after the Web portal crept past analysts' first-quarter expectations but failed to achieve the blow-out quarter Wall Street had hoped for.

The stock
YHOO, +2.20%
lost 5 13/16 to 159 3/4 over the Island ECN. Yahoo said it earned $63.3 million, 10 cents a share in its first quarter. That was a penny better than what was expected by analysts, according to a First Call survey. Meanwhile, the so-called "whisper" number was 11 cents a share, according to Investoroutlook.com. Last year, Yahoo made 3 cents a share. Yahoo recorded sales of $228.4 million, 119 percent better than the year-earlier period. See full story.

Separately, the online media company said Susan Decker, head of research at Donaldson, Lufkin & Jenrette, will take over as chief financial officer. Decker is expected to take the post from Gary Valenzuela in June.

Among other Net stocks seeing activity in Europe, America Online"
edged 9/16 above its NYSE close to 64 3/8, according to market makers at Madoff Investment Securities. The stock's composite close late Wednesday was 63. AmazonAMZN, -0.40%
inched up 5/16 to 62 1/2.

CeleraCRA, +0.00%
surged 13, or 11 percent, to 128 in Instinet. This on top of Wednesday's 41 3/8, or 56 percent rocket ride. Early Thursday, the genomics company announced that it has completed the sequencing phase of a human genome, and will now attempt to assemble the sequenced fragments of the genome into their proper order. The company said that it believes 99 percent of the human gene is represented.

Harbingerprgn
climbed 6 7/8, or more than 28 percent, to 31 over the Island ECN. Asset management software maker Peregrine Systems"
said late Wednesday that it would buy the business-to-business enabler for $2.1 billion in stock. As part of the agreement, each share of Harbinger will be exchanged for 0.75 shares of Peregrine, the companies said. Based on Wednesday's closing prices, that values Harbinger stock at $43.5 each. Early Thursday, however, Peregrine's shares sank 14, or 24 percent, to 44.

"For our shareholders, it's going to create an organization that's going to be one of the true leaders in e-business solutions," Steve Gardner, Peregrine's chief executive, said in a CBS.MarketWatch.com interview.

Tellabstlab
stumbled 9, or 15 percent, to 52 in Instinet. The company warned late Wednesday that earnings for its first quarter would be between 25 to 27 cents a share, excluding one-time gains and charges, after recording a 24 cent profit in the same period last year. See full story. First Call was estimating the company to earn 30 cents. Meanwhile, revenues are expected to be in line with expectations at approximately $630 million. The company said profit margins contracted due to higher costs, but that it is still comfortable with expectations for year-end results.

MicrosoftMSFT, -0.59%
is advancing 5/8 to 87, said Madoff. U.S. District Judge Thomas Penfield Jackson, established a fast-moving timetable for the antitrust trial's crucial remedial phase, in a meeting with government and Microsoft lawyers Wednesday. Jackson set a courtroom hearing on potential remedies for May 28. Both sides were ordered to submit remedy proposals before then. See related story.

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